Bold Ventures Closes Option of Its Interest in Koper Lake Project
TORONTO, ONTARIO -- (Marketwire) -- 03/04/13 -- Bold Ventures Inc. (TSX: BOL) ("Bold" or the "Company") is pleased to announce that it has signed the definitive Option and Joint Venture Agreements (the "Option Agreement") with KWG Resources Inc. ("KWG") to option its interests in the Koper Lake Project. Under the terms of the Option Agreement, Bold will act as Operator of the exploration programs which are to be funded by KWG. KWG will also make the option payments due under the agreement with Fancamp Exploration Ltd. ("Fancamp"). Reference is made to the Press Release dated February 4, 2013 and the Press Releases dated May 7, 2012 and January 7, 2013 relating to the Koper Lake Project and the agreement with Fancamp (the "Fancamp Option").
KWG can acquire an 80% interest in chromite produced from the Koper Lake Project by funding 100% of the costs to a feasibility study leaving Bold and its co-venturer with a 20% carried interest, pro rata. For nickel and other non-chromite minerals identified during the exploration programs, the parties have agreed to form a joint venture in which KWG would have a 20% participating interest and Bold and its co-venturer would have an 80% participating interest, pro rata. KWG will have a right of first refusal to purchase all ores or concentrates produced by such joint venture whenever its interest in the joint venture exceeds 50%.
On Closing, Bold was paid $300,000 to reimburse it for the first option payment paid by Bold to Fancamp pursuant to the Fancamp Option and KWG advanced $3,000,000 to Bold to fund the first exploration program to commence immediately. The program has budgeted $2,000,000 to drill the chromite horizon and an additional $1,000,000 has been budgeted to drill a related possible nickel target.
The Company has previously entered into an MOU with Marten Falls First Nation relating to the project work that is located in their traditional lands (see Press Release dated October 31, 2012). Mobilization of the drill program will commence immediately.
On Behalf of the Board of Directors
Richard Nemis, President and CEO
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Bold Ventures Inc.
Richard Nemis
President and CEO
416 864 1456
416 864 1443 (FAX)
www.boldventuresinc.com
